Finistere Ventures has led an $8.8 million funding round for New Zealand’s Invert Robotics – a leading developer of inspection robots. Also participating in the round was Yamaha Moto Venture & Laboratory Silicon Valley, the corporate venture arm of Yamaha Motor Co., and existing investors, Allan Moss, Inception Asset Management, and the New Zealand Investment Fund.
“New Zealand has become a hotbed for groundbreaking companies,” said Dean Tilyard, CEO of The Factory and Finistere Venture Partner for the Oceania region. “Innovators like Invert Robotics need to find connected capital with strong international networks to help them scale globally. With extensive networks throughout the agricultural, food, chemical and electronics industries, Finistere and Yamaha are ideal investment partners for Invert to realize its full potential.”
Based in Christchurch, Invert has developed a robot with the ability to climb walls and conduct inspections in hazardous spaces such as food and beverage storage tanks. Resembling a miniature tank, Invert’s robot uses proprietary friction-reducing suction cups on its treads. Using a built-in camera, the operator can inspect the inside of tanks for cleanliness or damage that can harbor bacteria, and beyond visual inspection, Invert’s robots can use surface-wave detection and ultrasonic probes to make in-depth scans of wall thickness or asset structural integrity.
The ability to remotely inspect tight spaces with non-magnetic surfaces, such as stainless steel, carbon fiber, aluminum, or glass, will reduce the number of worker injuries and deadly accidents, along with the fines and pressure on companies from health and safety regulators.
“Our climbing robots go where other robots cannot and people should not,” said Neil Fletcher, managing director, Invert Robotics. “We give our customers an easier, safer and faster way to inspect the safety and integrity of the most hazardous and toxic environments.”
“Industrial accidents can be costly and sometimes even deadly, but they are often preventable. Remote inspection solutions that take into account chemical corrosion and high-pressure processing scenarios can help chemical companies improve worker safety, optimize maintenance and avoid future tragedies.”
The use of such robots to conduct inspections will also remove the need for the use of rope harnesses by workers, or the construction of often necessary scaffolding. It’s also more hygenic, as introducing a human into a food storage unit to conduct a visual inspection could introduce unwanted pathogens that could contaminate its future contents.
“The immediate value of Invert Robotics across the global food supply chain – from ensuring food and beverages are stored and transported in safe, pathogen-free environments, to avoiding catastrophic failures in agrichemical-industry containers and plants – is undeniably impressive,” said Arama Kukutai, co-founder and partner, Finistere Ventures.
“However, we see the potential applications as almost limitless. With Invert Robotics, companies across a variety of industries will be able to deploy climbing robots to make asset inspection and maintenance easier and more effective to avoid life-threatening situations for their workers, their communities and their consumers.”
With currently more than 50 global customers, Invert plans to use the fund in support of the expansion of its team from 40 to 65, and to the establishment of a U.S. office. The funds also will be allocated to research and development to enhance Invert’s robotic platform with added functionality including advanced technologies to surface and sub-surface inspections.
To support the company as it works toward these goals, Tilyard will join the Invert Robotics Board of Directors, bringing industry-specific and technological expertise. Arama Kukutai, co-founder and partner, Finistere Ventures, and Craig Boshier, partner and general manager for Yamaha Motor Ventures in New Zealand and Australia, will join the Board as observers.
“As part of Yamaha’s long-term vision supporting the development of advanced robots to improve workplace efficiency and safety, Invert Robotics’ technology and its value proposition made a positive impression on our investment committee,” said Boshier. “Importantly, the robotic technology’s adaptability to different environments and industries is well supported by an engaged team. That combination, with proper capitalization, positions Invert Robotics for success in its global market expansion.”
-Lynda Kiernan